EANS-Adhoc: Intercell AG announces Q1 2010 results and updates on R&D progress

--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------

11.05.2010

Good progress in vaccine development programs - Strong R&D spending in
late-stage programs lead to EUR 14.7 m loss in the first quarter

Vienna (Austria), May 11, 2010 - Today, the biotech-vaccine company Intercell AG
(VSE: ICLL) announced its financial results for Q1 and presented an update on
the Company's development programs.

Financial Results

» EUR 4.8m revenues in Q1 2010 compared to EUR 5.4m in Q1 2009.
» IXIARO®/JESPECT® product sales in line with Q1 2009 reflecting low level
of new product supplies in Q1 2010; new product supplies to marketing and
distribution partners shifted from Q1 to Q2 2010 due to supply-planning and
lot release timing.
» EUR 14.7m net loss for Q1 2010 compared to EUR 8.2m in Q1 2009.
» EUR 17.9m R&D expenses in Q1 2010 - up 19.1 percent compared to EUR 15.1m
in Q1 2009 - mainly due to late-stage research and development costs for
the TD vaccine patch.
» Strong cash position: EUR 158.2m in liquid funds at March 31, 2010.

Key Financial Figures

TEUR                          3 months ended
                                 March 31,       Year ended
                             2010      2009      Dec 31, 2009

Revenues                     4,756     5,424        61,681
Net profit / (loss)        (14,702)   (8,176)      (18,375)
Net operating cash flow    (15,468)  (14,251)      (25,995)
Cash and available-
for-sale financial assets  158,216   172,200       180,019


IXIARO®/JESPECT®

A strong focus is given to the IXIARO®/JESPECT® vaccine business to grow sales
in the traveler and military markets. After having received a broadened
vaccination recommendation in the U.S. in 2009, the Joint Committee on
Vaccination and Immunization (JCVI) in the UK has now also extended its Japanese
Encephalitis immunization recommendation to include the Intercell vaccine.
Additional recommendations are expected for other key countries in Europe. These
recommendations are essential to continue advancing product awareness and market
growth for the Intercell vaccine to prevent Japanese Encephalitis.

Product sales are expected to increase significantly in Q2 2010, supported by
the upcoming travel season. Intercell had previously announced that new product
supplies designated for marketing and distribution partners, shifted from Q1 to
Q2 2010 due to supply-planning and lot release timing for European markets.

The development targeting the Asian endemic markets is progressing further. The
Phase III start for the endemic Japanese Encephalitis vaccine produced by
Intercell's partner Biological E. in India is expected to commence by the end of
2010 under a revised regulatory path to licensure by Indian authorities.

Good progress in development pipeline - clinical programs progressing according
to plan

» In February 2010, Intercell announced results from a Phase I clinical trial
for investigational Pneumococcus vaccine, demonstrating a good safety and
immunogenicity profile.
» Next important data points expected from Phase II studies for investigational
single-application Pandemic Influenza vaccine system in Q2 and for
Pseudomonas vaccine in Q3 2010.
» The pivotal Phase III study for the investigational Traveler's Diarrhea (TD)
Vaccine Patch is progressing - first data expected by the end of 2010 or
beginning of 2011.
» Staphylococcus aureus vaccine (V710): Phase II/III study recruitment
conducted by Merck & Co., Inc. in cardiothoracic surgery patients for the
investigational S. aureus vaccine continues to progress, with the first
critical interim analysis (surpassing futility) expected during the course
of 2010.
» Tuberculosis vaccine: Phase I clinical programs are proceeding
according to plan.
» Therapeutic vaccine candidate against Hepatitis C: Intercell anticipates
that a partnership to conduct combination studies with its vaccine will be
identified in 2010.
» Intercell has signed an agreement with Cytos Biotechnology Ltd. to acquire
Cytos' platform technology for antibody discovery. The technology, which is
based on human B-cells, enables the identification of anti-infective
antibodies to prevent and treat infectious diseases. The Antibody Technology
complements Intercell's existing technology platforms and opens novel
medically and commercially relevant applications for Intercell's Antigen
Identification Program (AIP®).
» Intercell and Boehringer Ingelheim Vetmedica entered into a worldwide Option
and Exclusive License Agreement under which Boehringer Ingelheim Vetmedica
has the right to use certain antigens derived from Intercell's Antigen
Identification Program (AIP®) to develop animal vaccines.

The full report can be downloaded at
http://www.intercell.com/main/forinvestors/downloads/quarterly-reports/

Further inquiry note:
Intercell AG
Lucia Malfent
Vice President, Global Head Corporate Communications
Tel. +43 1 20620-1303
[email protected]
end of announcement euro adhoc
--------------------------------------------------------------------------------

issuer:   Intercell AG
          Campus Vienna Biocenter  3
          A-1030 Wien 
phone:    +43 1 20620-0
FAX:      +43 1 20620-800
mail:     [email protected] 
WWW:      www.intercell.com
sector:   Biotechnology

ISIN: AT0000612601
indexes: ATX Prime, ATX
stockmarkets: official market: Wien
language: English

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT | OTB

print